centrica plc-sp adr (CPYYY) Related Businessweek News

centrica plc-sp adr (CPYYY) Details

Centrica plc operates as an integrated energy company worldwide. The company engages in the generation, trading, and optimization of power from its gas-fired power stations, wind farms, thermal plants, and nuclear power stations. It also provides energy-related and energy management solutions. In addition, the company is involved in the exploration, production, processing, trading, and optimization of oil and gas in the Atlantic basin primarily in the North Sea and Canada; and gas storage activities. Further, it engages in the installation, repair, and maintenance of central heating, plumbing and drains, gas appliances, and kitchen appliances; installation and maintenance of heating, ventilation, and air conditioning equipment, as well as water heaters and solar power generating equipment; and provision of breakdown services. Additionally, the company offers solutions, such as payment options, online account management capabilities, various price plans, and emergency breakdown services; and insurance related products. Centrica plc offers its products and services to residential, business, commercial, and industrial customers. It serves approximately 30 million customer accounts. The company was formerly known as Yieldtop plc and changed its name to Centrica plc in December 1996. Centrica plc was incorporated in 1995 and is based in Windsor, United Kingdom.

centrica plc-sp adr (CPYYY) Key Developments

Centrica is to cut 6,000 jobs and slashes gas exploration. The jobs cull is part of a wider move to reduce annual spending by £750 million come 2020.

Centrica plc Announces Earnings Results for the First Half Year of 2015

Jul 30 15

Centrica plc announced earnings results for the first half year of 2015. The company announced earnings in the first half of the year were GBP 611 million, up 15% with corresponding earnings per share of 12.3 pence. Post-tax adjusted operating cash flow was GBP 1.1 billion. Revenue decreased 2% compared to the first half of 2014, primarily driven by lower realized unit prices for oil and gas in Centrica Energy and fewer customer accounts and lower unit retail prices in Direct Energy. Adjusted operating profit fell 3% to GBP 1 billion, while customer-facing businesses, British Gas, Bord Gáis and Direct Energy, reported higher profit. This was more than offset by a lower profit in Centrica Energy. Adjusted earnings increased to GBP 611 million, 15% higher than in the first half last year and equivalent to 12.3 pence per share. Net debt fell from GBP 5.2 billion at the end of 2014 to GBP 4.9 billion as a result of positive net cash flow. Organic capital expenditure was just over GBP 200 million lower than in the first half of 2014. In E&P, capital expenditure was slightly over GBP 400 million, down 24% compared to the first half last year and remains on track for full year expenditure of approximately GBP 800 million. In the first half of 2015, the group had GBP 357 million of cash inflow in comparison to a GBP 59 million cash outflow in the same period of 2014. EBITDA fell 4% to just over GBP 1.4 billion, primarily driven by lower cash generation in E&P from falling commodity prices. Adjusted operating cash flow was $1.1 billion, slightly lower than last year.

Centrica plc Announces Interim Dividend for the First Half Ended June 30, 2015, Payable on November 26, 2015

Jul 30 15

Centrica plc announced an interim dividend for the first half ended June 30, 2015 of 3.57 pence per share, 30% lower than the 2014 comparative of 5.10 pence per share, will be paid on 26 November 2015 to shareholders on the register on 2 October 2015. Ex-dividend date is 1 October 2015.

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